Questions from General Taxation

Q: Allen (age 32) takes a distribution of $20,

Allen (age 32) takes a distribution of $20,000 from his traditional IRA account which he plans to deposit into an IRA with a different bank. During the 60-day rollover period, he gambles and loses the...

Q: 1. The definition of gross income in the tax law is

1. The definition of gross income in the tax law is: a. All items specifically listed as income in the tax law b. All cash payments received for goods provided and services performed c. All income fro...

Q: 1.Which of the following might result in life insurance proceeds

1.Which of the following might result in life insurance proceeds that are taxable to the recipient? a. A life insurance policy in which the insured is the son of the taxpayer and the beneficiary is th...

Q: 1. Jim has a net operating loss in 2016. If

1. Jim has a net operating loss in 2016. If he does not make any special elections, what is the first year to which Jim carries the net operating loss? a. 2012 b. 2013 c. 2014 d. 2015 e. 2017 2. Whic...

Q: 1. Which of the following is not a test for the

1. Which of the following is not a test for the deductibility of a business expense? a. Ordinary and necessary test b. Expectation of profit test c. Reasonableness test d. Business purpose test 2. In...

Q: 1. Which of the following expenses is deductible as an entertainment

1. Which of the following expenses is deductible as an entertainment expense? a. The depreciation on an airplane used to entertain customers b. The cost of a hunting camp used to entertain customers c...

Q: Greg died on July 1, 2016, and left Lea,

Greg died on July 1, 2016, and left Lea, his wife, a $50,000 life insurance policy which she elects to receive at $5,000 per year plus interest for 10 years. In the current year, Lea receives $5,900....

Q: 1. Which of the following is true about the rental of

1. Which of the following is true about the rental of real estate? a. Depreciation and maintenance expenses for an apartment complex are deductible. b. A vacation home is a home that is rented for 15...

Q: 11.Which of the following is false about the self-

11.Which of the following is false about the self-employed health insurance deduction? a. The deduction cannot be claimed when a subsidized employer health insurance plan is also available. b. The ded...

Q: 21.What is the deadline for making a contribution to a

21.What is the deadline for making a contribution to a traditional IRA or a Roth IRA for 2016? a. April 15, 2017 b. April 17, 2017 c. December 31, 2016 d. October 15, 2017 22. Which of the following...